Internal audit, risk management and consulting services
Internal audit is an independent and objective evaluation and assurance as well as consultation activity for the purpose of providing added value to the organization and improving its operations. Internal audit serves as a management tool for achieving the goals of the organization by offering a systematic approach to the assessment and development of the efficiency of risk management, control as well as management and administration processes of the organization.
We offer internal audit outsourcing services for both the private and public sector. Our internal audit services include assurance and consulting services, which can be either entirely or partially outsourced. We assist organizations in the development, organization and execution of internal control and auditing as well as the compliance function and risk management. We offer special expertise in the analysis of various risk areas, such as finance and responsibility, and the development of core and auxiliary processes, such as regarding purchasing, payment, payroll and sales processes. We have long and extensive knowledge of internal audit services, also for finance and insurance industry operators, who require a license from the Financial Supervisory Authority.
The scope of our engagements can range from individual projects to extensive long-term undertakings. In the audits we follow the professional standards of internal audit and we always carry out the audits with high quality and in cooperation with the management of the client. The persons participating in the engagements always have the latest information and comprehensive expertise in the area that is the subject of the audit.
Evaluation and assurance engagements
In evaluation and assurance engagements, we provide our objective evaluation of the audit material. The target of an evaluation or assurance engagement can be an organization as a whole, a whole business unit, a single function, process, system or any other area.
Examples of our evaluation and assurance engagements:
- Evaluation of administration and management (Corporate governance)
- Assurance of the reliability of reporting
- Compliance audits of financial and insurance industry operators licensed by the Financial Supervisory Authority
- Evaluation of investment policy and operations and procedures
- Identification of malpractices
Examples of commissioned internal audits for financial and insurance industry operators licensed by the Financial Supervisory Authority:
- Internal Capital Adequacy assessments (ICAAP)
- Evaluation of sales procedures
- Valuation checks
- Assessment of risk management and operating processes
- Evaluation of the suitability assessment procedures of the client
- Evaluation of product management processes
- Evaluation of rewarding and incentive systems and compliance
- Audits concerning data security and data protection (GDPR)
- Evaluation and development of client identification processes and anti-money laundering (AML) processes
- Evaluation of ethics and sustainability requirements (ESG)
The target of consultation services is to provide advice for the purpose of developing the processes of the organization and creating or updating operating methods and guiding towards the achievement of the goals of the organization. Examples of the internal audit consultations we offer:
- Development of business processes
- Development of the risk management function
- Providing support with IT projects
- Implementation of operating policies
- Development of ethics and sustainability principles
- Assessment of misconduct risks and development of misconduct identification processes